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South Korea Protein Powder Market Share, Size, Growth, Trends, Analysis, Forecast: By Type: Animal-based, Plant-based; By Nature: Organic, Conventional; By Distribution Channel: Hypermarkets and Supermarkets, Convenience Stores, Speciality Stores, Online; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028

South Korea Protein Powder Market Outlook

The South Korea protein powder market is expected to grow at a CAGR of 12.1% between 2023 and 2028. The growing demand for a protein-rich diet among the general public and the popularity of protein supplements among gymgoers, athletes, and fitness enthusiasts are majorly driving the South Korea protein powder market.

 

Key Trends in the South Korea Protein Powder Market

Protein powders are nutritional supplements with high protein content. They are made by extracting the protein constituent of food using various processing techniques. Protein powders can be useful when people don't receive enough protein from entire foods or when they desire a portable, convenient protein source.

 

Protein Powder Gaining Traction Among Athletes, Gymgoers and Health-Conscious People in South Korea

A new generation of protein powders is drawing busy and physically active customers to the shelves of supermarkets and convenience stores. Traditional protein supplements are mostly aimed at hardcore gym goers and amateur athletes who want to develop muscle and help recovery after a rigorous workout. The current increase in the uptake of protein powder and protein-rich products among regular people is a reflection of their changing dietary practises and growing concern for their health in the wake of the protracted COVID-19 outbreak. To combat weight gain during the pandemic and prevent muscle loss, more people are choosing to eat more protein while they strive to cut their carbohydrate consumption to keep in shape.

 

High Demand Among MZ Generation is Aiding in the Development of the Protein Powder Market in South Korea

Protein powders and other protein-enriched products are becoming increasingly popular among millennials and generation Z because it can be difficult and expensive to routinely have a complete meal that includes meat. Major food corporations have introduced a wide range of protein-heavy goods, some under specialty labels, to appeal to a wider customer base in order to take a bigger portion of the niche market. In 2018, the top dairy firm in South Korea, Maeil Dairies Co.,  recognised the potential expansion of the protein industry and launched protein powder, beverages, and bars under its Selex brand. Hy, a food and beverage firm formerly called Korea Yakult, has debuted a new brand called Protein Code to cater to the rapidly expanding market for protein-rich goods.

 

The Need to Include Protein in Everyday Foods and Beverages is Bolstering the Demand for Protein Powder Industry of South Korea

In addition to helping to develop the components of strong muscles and tissues, protein powder also repairs tissue, strengthens the immune system, produces enzymes, helps regulate weight, and keeps cholesterol levels in a healthy range. The many advantages thus contribute to the predicted expansion of the protein powder industry in South Korea. The demand for water-based or clear base beverages with a high protein content is rising in the industry in addition to the introduction of new popular protein products. The market for protein powder has benefited from companies finding methods to add protein to a range of everyday foods and snacks. High-protein food alternatives have also exploded in the food business.

 

Market Analysis

Based on type, the South Korea protein powder market is segmented into animal-based and plant-based proteins. Animal-based protein powder is further segmented by type into whey protein, egg protein, casein, and collagen, among others. Plant-based protein powder is sub-divided into pea, soy, hemp, and brown rice, among others. On the basis of nature, the protein powder market of South Korea is divided into organic and conventional. Based on distribution channel, the South Korea protein powder market is bifurcated into hypermarkets and supermarkets, convenience stores, speciality stores, and online.

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea protein powder market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

 

  • Optimum Nutrition
  • Amway Korea Ltd.
  • Herbalife Korea Co. Ltd.
  • Sequel Natural LLC. (Vega)
  • THG Nutrition Limited (Myprotein)
  • Others

 

Market Share by Type

Animal-based protein supplements seem to have a larger market share owing to the fact that the diet of most of the South Korean population is non-vegetarian. Whey protein, egg protein, casein, and collagen, among others, are types of animal-based proteins available on the market. Plant-based proteins include pea, soy, hemp, and brown rice, among others. Although animal-based proteins are still preferred because of their superior nutritional profile and health advantages, plant-based proteins are growing in popularity. Animal-based proteins are complete proteins because they include all nine necessary amino acids, whereas plant-based proteins sometimes lack one or more of these amino acids. In order to produce a complete protein, producers of plant-based proteins frequently blend several types of protein. Additionally, compared to plant-based protein powders, animal-based protein powders often have greater mixability and flavour characteristics, which result in a creamier, more pleasurable smoothie or shake.

 

Market Share by Nature

The organic protein powders don’t contain any type of preservative, artificial flavours or colours, and the ingredients are completely natural and organic with minor exceptions. These products comply with the set standards. Conventional or non-organic protein powders contain synthetic ingredients and chemicals, and they may or may not contain GMOs as well. With the growing preference for clean-label products, more people are now opting for organic protein powders. With the growing awareness regarding a balanced diet, the South Korea protein powder market is anticipated to grow further.

 

Market Share by Distribution Channel

Due to the increasing demand, the distribution channel for protein powders is also expanding in the country. The products are available in supermarkets, hypermarkets, convenience stores, speciality stores, and online stores. Online channels are growing steadily due to the availability of various coupons and offers. Growing demand is making more room for protein powders and other supplements in offline stores such as convenience stores, hypermarkets, and supermarkets, supporting various brands and providing customers with a wide range of products to choose from, as well as attracting young shoppers who want to try new things. Online channels are now being preferred by working-class and college students due to their busy schedules. The growing knowledge about protein powders’ health benefits and factors such as high living standards and rising disposable income further aid the growth of the protein powder industry in South Korea.

 

Competitive Landscape

Optimum Nutrition- A well-known multinational company for cheese and dietary products, Glanbia, owns Optimum Nutrition, Inc. (ON). American Body Building and Optimum Nutrition are two high-end sports nutrition companies that ON owns and runs (A.B.B.). Together, these brands offer an extensive range of powdered, tablet, bar, capsule, and ready-to-drink products to active adults worldwide. Optimum Nutrition is one of the few sports nutrition firms that manufactures and sells goods in every product category, with state-of-the-art manufacturing facilities in the United States, the United Kingdom, and India. The headquarters of optimum nutrition are situated in London, United Kingdom.

 

Herbalife Korea Co. Ltd.- Herbalife Korea Company, Ltd. produces and sells dietary supplements and weight-loss aids. The business sells personal care items as well as powders, capsules, and tonics for energy and fitness. Customers in Korea are served through the Herbalife Korea Company. Its corporate headquarters in Seoul, South Korea, is the home of Herbalife Korea Co., Ltd. Currently, the company works in the nondurable goods sector of merchant wholesalers and was founded in 1994.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Nature
  • Distribution Channel
Breakup by Type
  • Animal-based
  • Plant-based
Breakup by Nature
  • Organic
  • Conventional
Breakup by Distribution Channel
  • Hypermarkets and Supermarkets
  • Convenience Stores
  • Speciality Stores
  • Online
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Optimum Nutrition
  • Amway Korea Ltd.
  • Herbalife Korea Co. Ltd.
  • Sequel Natural LLC. (Vega)
  • THG Nutrition Limited (Myprotein)
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface       
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    South Korea Protein Powder Market Analysis

    8.1    Key Industry Highlights
    8.2    South Korea Protein Powder Historical Market (2018-2022) 
    8.3    South Korea Protein Powder Market Forecast (2023-2028)
    8.4    South Korea Protein Powder Market by Type 
        8.4.1    Animal-based
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
            8.4.1.4    Breakup by Type
                8.4.1.4.1    Whey Protein
                8.4.1.4.2    Egg Protein
                8.4.1.4.3    Casein
                8.4.1.4.4    Collagen
                8.4.1.4.5    Others
        8.4.2    Plant-based
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
            8.4.2.4    Breakup by Type
                8.4.2.4.1    Pea
                8.4.2.4.2    Soy
                8.4.2.4.3    Hemp
                8.4.2.4.4    Brown Rice
                8.4.2.4.5    Others
    8.5    South Korea Protein Powder Market by Nature
        8.5.1    Organic
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Conventional
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    South Korea Protein Powder Market by Distribution Channel
        8.6.1    Hypermarkets and Supermarkets
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Convenience Stores
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Speciality Stores
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Online
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022)
            8.6.4.3    Forecast Trend (2023-2028)
9    Market Dynamics
    9.1    SWOT Analysis
        9.1.1    Strengths
        9.1.2    Weaknesses
        9.1.3    Opportunities
        9.1.4    Threats
    9.2    Porter’s Five Forces Analysis
        9.2.1    Supplier’s Power
        9.2.2    Buyer’s Power
        9.2.3    Threat of New Entrants
        9.2.4    Degree of Rivalry
        9.2.5    Threat of Substitutes
    9.3    Key Indicators for Demand
    9.4    Key Indicators for Price
10    Value Chain Analysis
11    Competitive Landscape

    11.1    Market Structure  
    11.2    Company Profiles
        11.2.1    Optimum Nutrition
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Amway Korea Ltd.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Herbalife Korea Co. Ltd.
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Sequel Natural LLC. (Vega)
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    THG Nutrition Limited (Myprotein)
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Others
12    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    South Korea Protein Powder Market: Key Industry Highlights, 2018 and 2028
2.    South Korea Protein Powder Historical Market: Breakup by Type (USD Million), 2018-2022
3.    South Korea Protein Powder Market Forecast: Breakup by Type (USD Million), 2023-2028
4.    South Korea Protein Powder Historical Market: Breakup by Nature (USD Million), 2018-2022
5.    South Korea Protein Powder Market Forecast: Breakup by Nature (USD Million), 2023-2028
6.    South Korea Protein Powder Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
7.    South Korea Protein Powder Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028  
8.    South Korea Protein Powder Market Structure

Key Questions Answered in the Report

 The South Korea protein powder market is projected to grow at a CAGR of 12.1% between 2023 and 2028.

The growing popularity among gymgoers, athletes, and fitness-conscious people increasing awareness and high demand among the young generation, rising disposable income, and high living standards are the major drivers of the protein powder market in South Korea.

The growing awareness regarding consuming a protein-rich balanced diet and the addition of protein powder to a range of everyday foods and snacks are the key trends in the market.

The dominant types of protein powders in the industry are into animal-based and plant-based proteins.

The leading distribution channels in the market are into hypermarkets and supermarkets, convenience stores, speciality stores, and online.

The major players in the industry are Optimum Nutrition, Amway Korea Ltd., Herbalife Korea Co. Ltd., Sequel Natural LLC. (Vega), and THG Nutrition Limited (Myprotein), among others.

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